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ANAHEIM, CA-A private buyer and a private seller have struck a $38.65-million deal for the sale of the 261-unit Silver Pines apartment complex at 801 N. Loara St., one of two Anaheim apartment properties traded recently by Marcus & Millichap brokers. In the Silver Pines deal, the buyer gets a property in an Orange County apartment market that remains one of the strongest in the country, according to Alex Mogharebi of the Ontario office of Marcus & Millichap.

Mogharebi represented the seller, with the buyer represented by Joseph Berkson in the Newport Beach office of Marcus & Millichap. Mogharebi comments that Orange County’s multifamily investment market retains its strength in part because single-family home prices in Southern California, coupled with steadily rising interest rates, have pushed people out of home ownership and into apartments.

Berkson notes that the Silver Pines property sold at a 4.8% cap rate and a 10.68 gross rent multiplier. Built in 1961, Silver Pines Apartments features a variety of floor plans ranging from studio sizes to one-bedroom, two-bedroom and three-bedroom units on a total of 7.2 acres. Amenities include two swimming pools and a fitness center.

In the other Anaheim deal, Koyl LLC bought a 28-unit complex at 536-539 and 618-624 N. Anna Dr. for $3.45 million from the Hitzler Family Trust, which had owned it since 1996. Mark Bridge of Marcus & Millichap represented the buyer, with the seller represented by Jonathan Mitchell and Tyler Leeson.

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